Regulatory AlertsSR 21-15: Guide for Community Banking Organizations Conducting Due Diligence on Financial Technology Companies
The Board of Governors of the Federal Reserve System, the FDIC, and the OCC issued a voluntary guide to assist community banking organizations with consolidated assets of $10 billion or less in conducting due diligence on fintech companies. This resource helps banks manage risks associated with third-party relationships while leveraging innovative technologies to enhance products and services without establishing new regulatory requirements. The guide aligns with existing third-party risk management frameworks and allows institutions to tailor their due diligence processes based on specific circumstances and risk profiles.
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